The finance ministry has requested suggestions for spending for the last installment of additional funding requests from different government departments and agencies before the Budget session of Parliament begins.
The ministry announced that the last set of proposals for additional funding for the 2022-23 fiscal year will be presented to Parliament during the upcoming session, which begins on January 31st. The supplementary demands are expected to be presented during the second half of the session.
The types of expenses that would be covered under these proposals include situations where money was taken from the Contingency Fund of India, expenses related to court decisions, and cases where the finance ministry has recommended submitting the proposal during the winter session of parliament, as stated in the memorandum.
The organization responsible for managing grants must ensure that they identify ways to reduce costs within proposals for additional funding in order to eliminate unnecessary or excessive requests and prevent the need to give back the extra funding later. The proposal for additional funds should only be submitted after a careful and fair evaluation of the necessary expenses.
Ministries and departments have been asked to limit their spending to the approved budget, according to the memorandum.
The memorandum states that all proposals for additional funding must be submitted in full, with proper justification, to the Budget Division of the Ministry of Finance by February 10th, 2023. Previously, Parliament had approved the first round of proposals for additional funding, which included a total of over 3.25 lakh crore rupees for spending, with over 1.09 lakh crore rupees allocated for fertilizer subsidies.
Parliament recently approved the first round of proposals for additional funding which allows the government to spend an additional 3.25 lakh crore rupees, including 1.09 lakh crore rupees for fertilizer subsidies. This spending is in addition to the proposed budget for 2022-23, which already includes an estimated total expenditure of 39.45 lakh crore rupees for the fiscal year 2022-23, compared to 37.70 lakh crore rupees for the previous fiscal year.
The government approved a budget of 80,348.25 crores for the Ministry of Food and Consumer Affairs, primarily for providing free food grains to the needy. Additionally, a budget of 29,944 crore was approved for the Ministry of Petroleum and Natural Gas, which will be used to cover the cost of LPG subsidies to companies and provide LPG connections to low-income families under the Pradhan Mantri Ujjwala Yojana